BlackRock's Bitcoin ETF Sees First Zero-Inflow Day Amid Market Shift

The iShares Bitcoin Trust (IBIT), from BlackRock, was the first to register a day of $0 inflows—since the US began allowing the launch of Bitcoin exchange-traded funds (ETFs) in January.

Since it went live on Jan. 11, IBIT has rung up nearly $15.5 billion in investments, pouring millions of dollars into the various portfolios managed by the powerhouse. After recording inflows of $0, BlackRock's longest inflow streak of 71 days came to a halt for it on April 24.

Source: Farside Investors

Most other Bitcoin ETF entrants, on the other hand, recorded a drought. Of the ten US-registered Bitcoin ETFs, only the Fidelity Wise Origin Bitcoin Fund (FBTC) and the ARK 21Shares Bitcoin ETF (ARKB) experienced estimated inflows valued at $5.6 million and $4.2 million, respectively.

Meanwhile, one of the first bitcoin ETFs, Grayscale Bitcoin Trust ETF (GBTC), remained in persistent liquidation. GBTC posted an outflow of $130.4 on the 24th of April. Thus, out of the Bitcoin ETF ecosystem, there has been recorded an overall outflow of $120.6 million.

This kind of lack of inflows is a first for IBIT, but the one-off event does not signal any negative implications. Equally important is the fact that all other players, depending on what is actually perturbing the market—be it the demand from the investor or any other influence—record $0 inflows from time to time.

The 9 Bitcoin ETFs have attracted total investments of more than $12.3 billion to the Bitcoin ETF market in the U.S. However, GBTC has been aggressively repelling the 9 Bitcoin ETFs' brought investments. As of Jan. 11, the outflows from GBTC have exceeded $17 billion.